Business Studies- Insurance

What is Insurance?

• Insurance offers financial protection against possible loss

• Insurance offers physical protection to the insurer

• Insurance is back up if something goes wrong

• Insurance is a type of interest

The financial payment made to an insured person if they suffer an injured loss is

• Interest

• Compensation

• Premium

• Safety

Which of these is not one of the principles of Insurance?

• Compensation

• Contribution

• Indemnity

• Insurable Interest

"The injured person should not profit from insurance"- what principle of insurance is this to do with?

• Contribution

• None of them

• Subrogation

• Indemnity

What type of insurance is compulsory in Ireland?

• Motor

• Home

• Holiday

• Travel

What type of motor insurance would give you the most protection?

• Third Party

• Comprehensive

• Third Party, Fire & Theft

• Fire & Theft

A discount on an insurance premium is also know as what?

True or False: Life assurance & life insurance are the same thing

• True

• False

What does life assurance do?

Which one of these jobs calculates the premium for insurance company?

• Insurance Broker

• Agent

• Actuary

• Loss Adjustor